CoinGecko 2024Q1 Industry Report: Bitcoin hits a new high, Ethereum staking volume increases by 36%
Original title: 2024 Q1 Crypto Industry Report
Original source: CoinGecko
Original translation: MK, MarsBit
After a strong rise in the fourth quarter of 2023, the total market value of cryptocurrencies continued to climb in the first quarter of 2024, increasing by 64.5% to hit a high of $2.9 trillion on March 13. In absolute terms, the growth this quarter (+$1.1 trillion) is almost twice that of the previous quarter (+$0.61 trillion). This major trend was driven by the approval of the US spot Bitcoin ETF in early January, which pushed BTC to a record high in March.
Our Q1 2024 Crypto Industry Report covers everything from the crypto market landscape to in-depth analysis of Bitcoin and Ethereum, exploring the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems in detail, while reviewing the performance of centralized exchanges (CEX) and decentralized exchanges (DEX). We have outlined the main highlights, but it is highly recommended that you delve into the full 50 slides below.
Seven highlights of CoinGecko's Q1 2024 Crypto Industry Report:
1. Bitcoin grew 68.8% in the first quarter of 2024, hitting an all-time high of $73,098.
2. As of April 2, the assets under management (AUM) of US spot Bitcoin ETFs have exceeded $5.51 billion.
3. Ethereum’s stake on EigenLayer reached 4.3 million ETH, a quarterly increase of 36%.
4. Solana memecoin rose sharply in the first quarter of 2024, and the market value of the top ten increased by $832 million.
5. In the first quarter of 2024, the NFT trading volume of the top ten markets was $470 million, and Magic Eden currently leads the market share.
6. The spot trading volume of centralized exchanges (CEX) reached $4.29 trillion in the first quarter of 2024, the highest level since the fourth quarter of 2021.
7. Ethereum’s share of decentralized exchange (DEX) trading volume fell below 40%, and other chains received more attention.
The specific content is as follows:
1. Bitcoin increased by 68.8% in the first quarter of 2024, reaching a record high of $73,098
Bitcoin (BTC) continued to rise in the first quarter of 2024, with an increase of 68.8%. After the approval of the US spot Bitcoin ETF, the BTC price briefly fell by 16.0% to a quarterly low of $39,505. However, the price then rose by 85.0%, eventually reaching a record high of $73,098, and then fell back by 18.0%, and finally closed the quarter at $71,247. In terms of trading volume, the average daily trading volume in the first quarter of 2024 climbed to $34.1 billion, an increase of 89.8% from $18 billion in the fourth quarter of 2023.
2. Bitcoin ETFs Hold Over $5.51 Billion in Assets Under Management (AUM)
As of April 2, 2024, the funds under management of U.S. spot Bitcoin (BTC) ETFs have exceeded $55.1 billion. Previously, the U.S. Securities and Exchange Commission (SEC) approved the trading of spot BTCETFs on January 10. BlackRock's IBIT ETF has accumulated more than $17 billion in BTC, consolidating its position as the second-largest BTCETF. Its trading volume was also the highest among its competitors in the first quarter of 2024. Meanwhile, Grayscale's converted GBTC ETF ended on April 2 with an AUM of $21.7 billion. Net outflows were -$6.9 billion due to profit-taking by early investors and its higher fees compared to competitors. Despite this, it was still the largest BTCETF in the first quarter.
3. Ethereum's stake on EigenLayer reaches 4.3 million, up 36% quarterly
Ethereum (ETH) stake on EigenLayer began to grow significantly in the first quarter of 2024, with total stake increasing by 36% to 4.3 million ETH. Most of the staked ETH (52.6%) is held by Liquidity Staking Protocols (LRTs), totaling 2.28 million ETH. EtherFi was the largest LRT protocol in the first quarter, with a market share of 21.0%. Throughout the quarter, it grew by 2,616%, holding 910,000 ETH by the end of March.
4. The top 10 Solana (SOL) memecoins saw significant growth in market cap in Q1 2024
The top 10 Solana (SOL) memecoins grew by 801.5%, equivalent to $8.32 billion. Their combined market cap reached $9.36 billion by the end of the quarter.
Of the top 10 Solana memecoins, only Bonk (BONK) and Samoyedcoin (SAMO) existed before Q4 2023. BONK, the highest market cap memecoin on Solana since its launch in December 2022, was surpassed by dogwifhat (WIF) in early March. WIF was launched in November 2023. Meanwhile, Book Of Memes (BOME) went live on March 14 and achieved a market cap of $1 billion in just two days.
5. The top ten NFT markets had a total transaction volume of $4.7 billion in the first quarter of 2024. Among them, Magic Eden gained market share
Blur is still the leader in the NFT market, with a total transaction volume of more than $1.5 billion and a market share of 27.6%, exceeding 24.9% in the fourth quarter of 2023. However, in March, Magic Eden's total transaction volume successfully surpassed Blur, thanks to its launched diamond reward program and the Ethereum market in cooperation with Yuga Labs. Magic Eden's total transaction volume in March exceeded $760 million.
OKX Exchange, which dominated Bitcoin NFT trading in 2023, saw its total trading volume plummet 73.3% from $680 million in December 2023 to $180 million in March 2024. Bitcoin NFT trading traffic shifted to other platforms such as Magic Eden and UniSat. As of March 2024, OKX Exchange had a market share of 9.5%.
6. In the first quarter of 2024, the total spot trading volume of the top ten centralized exchanges (CEX) reached $4.29 trillion, the highest level since the fourth quarter of 2021
This represents a 95.3% year-over-year quarterly increase, the highest quarterly volume recorded by the top 10 spot CEXs since December 2021.
Binance remains the largest CEX, with a 50% market share as of March 2024, gradually regaining its dominance throughout the quarter. At the same time, the number of new listings and project launches on major exchanges also increased significantly. However, MEXC, which features small-cap tokens, saw its market share decline as traders turned to major tokens such as BTC, ETH, and SOL.
7. In the first quarter of 2024, Ethereum's share of decentralized exchange (DEX) trading volume fell below 40% due to the greater attention paid to other chains
Ethereum's share of decentralized exchange (DEX) trading volume fell below 40% in the first quarter of 2024. And it hit a record low of only 30% market share in February 2024. Despite this, its total trading volume in March 2024 still reached US$70 billion due to a surge in overall market trading activity.
On Arbitrum, DEX trading volume showed strong growth in January and February 2024, driven by its STIP incentive program, and surpassed Ethereum in the same period. However, when incentives ended in March, trading volumes dropped dramatically and the platform ended the month with 8% market share. Other chains such as Solana and Base also experienced an active quarter, with memecoins contributing a large share of trading volume.
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